| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 08 June 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 332 hectares of land at 672 Omamari Road, Omamari, Northland |
| Consideration | $2,950,000 |
| Applicant | Corisol New Zealand Limited Switzerland (100%) |
| Vendor | Two New Zealand Individuals New Zealand (100%) |
| Background | The Applicant applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The land to be acquired is currently used by the Vendor as a dry stock farming operation. The Applicant intends to plant approximately 270 hectares of the land as a commercial forest. Approximately 13 hectares of the land containing a residential dwelling will be subdivided from the land and sold to a third party. The remaining land will be made up of approximately 14 hectares of native bush and scrub, 1 hectare of unplantable land, 4 hectares of infrastructure and 30 hectares buffer land which will include riparian and boundary setbacks. The Applicant intends to harvest the crop of trees once matured and replant following harvest. By way of background, the land that is the subject of this application is Land Use Capability (LUC) classifications: LUC 4 (55 hectares), LUC 6 (171 hectares) and LUC 7 (109 hectares). |
| More information | Ranui Calman Greenwood Roche (Christchurch) PO Box 139 Christchurch 8140 |